Uppdaterad analys av Danske Bank efter delårsrapport kvartal 1, 2019

Growth could be higher, but tender pipeline strong

Top-line growth, although decent, continued to suffer from the transition from
equipment-based sales to a subscription, pay-per-use-based model. The positive aspect
of this is that Zenicor is building a recurring revenue base. Looking ahead, we expect
several contract wins during 2019 on the main markets, and possibly on new markets,
to support revenue growth in 2019 and, more so, in 2020.

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